Principal Financial Group is getting out ahead of the new Department of Labor participant disclosure regulation that is not set to take effect until May of 2012.
Principal Financial Group (Principal), Des Moines, IA., has created the ERISA 404(a) Participant Disclosure Regulation Resource Center. The center will act as comprehensive “one-stop-hub” that will make available a plethora of information and resources formulated to assist financial professionals and their clients in navigating the requirements of the new regulation.
The Resource center includes an overview of the actual ERISA 404(a) participant disclosure regulation so that employers can grasp the main points without sifting through the legislation. Other features include detailed instructions on how and when to take action as well as specifics on what the plans are obligated to provide. There is also a tool that works to create a reference guide pertaining to the plan’s compliance dates and materials to educate and convey the implications of the regulation to employees.
Principal has also developed enrollment kits, annual notices pertaining to plan fees and investments, charts, and quarterly participant statements that display fees in dollars.
Principal has already begun complying with new regulation or service provider disclosures to plan sponsors so they will prove to me a reliable resource for others as they begin to operate within the new parameters.